As local utility regulation enacted early this century proved inadequate to deal with complex concerns, Congress passed statutes formulating a national energy policy. Under the resulting programs of concurrent state and federal regulation, competing authorities sometimes clashed. In the context...

Price-level, or “price-cap,” regulation offers an alluring alternative to the traditional technique of monitoring a regulated firm’s profits. Part II of this article contrasts price-level regulation with conventional cost-of-service ratemaking and with Ramsey pricing. Price-level...

The failure of individual firms in the banking industry poses a unique threat to the entire economy. Emerging wisdom on systemic risk has identified two shortcomings in traditional regulatory approaches, all of which failed to anticipate the financial crisis of 2008-09. First, static measures of...

This article reviews two leading measures of financial risk and an emerging alternative. Embraced by the Basel accords, value-at-risk and expected shortfall are the leading measures of financial risk. Expectiles offset the weaknesses of value-at-risk (VaR) and expected shortfall. Indeed,...

What, in the eyes of the law, is cable broadband? The regulation of cable-based platforms for high-speed Internet access has become one of the most controversial subjects in communications law. A trilogy of judicial decisions on the statutory status of cable broadband forced the Federal...

Telecommunications regulation should be viewed as an attempt to solve the problem of financing large-scale public infrastructure over a sufficiently long period of time to pose significant and perhaps prohibitive amounts of risk. Investors are reluctant to commit capital to infrastructure if...

The law of regulated industries, particularly the legislative command that the government ensure “just and reasonable rates” for regulated services, is a highly specialized application of financial economics. Ratemaking, to put it bluntly, represents a regulatory exercise in capital asset...

Successive crises in the early twenty-first century prompted regulators around the world to ask financial institutions to implement a series of regulations. These measures aimed to increase transparency, improve consumer and investor protection, restructure financial capital, stabilize insurance...